Episode 22: Zillow + Trulia (with Zillow Group CFO Kathleen Philips)
Acquired14 Loka 2016

Episode 22: Zillow + Trulia (with Zillow Group CFO Kathleen Philips)

CFO of Zillow Group Kathleen Philips joins Ben and David to cover the show’s first true “merger” versus “acquisition" (only took 22 episodes!), Zillow’s 2015 combination with Trulia to form Zillow Group. Note: our audio glitches unfortunately continued on this episode, and quality is rough. We recommend listening on speakers vs headphones if you’re able. We apologize and will be back to normal quality next time!

Sponsors:

Rippling: https://bit.ly/acquiredrippling
Statsig: https://bit.ly/acquiredstatsig25
Odd Lots: https://bit.ly/acquiredoddlots
ServiceNow: https://bit.ly/acquiredsn


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© Copyright 2015-2025 ACQ, LLC


Topics covered include:
  • Zillow and Trulia’s beginnings during the “Web 2.0” era in the mid-2000’s
  • Zillow, Trulia and other online players’ place within the massive US real estate market
  • The lengthy “dance" between Zillow and Trulia and earlier aborted merger talks between the two
  • The difficulty of "true mergers” among private companies and why the path is easier for public companies
  • Public company shareholders’ influence and role in M&A transactions
  • Details of the blazingly fast negotiations (27 days start to finish!) per disclosures in the SEC filings (scroll down to "Background of the Mergers”)
  • Structuring the deal and incentivizing Trulia and Zillow mangers to stay and continue growing as separate brands
  • Trulia cofounder Sami Inkinen’s whereabouts during the merger negotiations
  • The experience going through a lengthy FTC review of the merger, and defining what the relevant “market” is the FTC should be considering
  • Introducing our new acquisition category: a “timeline acquisition” ;) (h/t Kathleen)
  • Zillow Group’s overall approach to acquisitions, folding into its broader HR strategy
  • Zillow founder Rich Barton’s startup thesis of searching for "What piece of marketplace information do people crave and don’t have?"

Followups:

Hot Takes:

The Carve Out:

Jaksot(212)

Season 3, Episode 6: Behance (with Scott Belsky)

Season 3, Episode 6: Behance (with Scott Belsky)

Ben and David are joined by Adobe’s Chief Product Officer, Behance founder, Benchmark partner, author, and product luminary, Scott Belsky, to tell the story of Adobe Systems’ 2012 acquisition of Behance. We dive into the role it played in of one of the greatest (and least well-known) pivots of all time: Adobe’s transition from packaged software to services, which over the past 6 years has generated an astounding $100B+ in market cap and nearly 10x growth in Adobe’s share price!Sponsors:Rippling: https://bit.ly/acquiredripplingStatsig: https://bit.ly/acquiredstatsig25Odd Lots: https://bit.ly/acquiredoddlotsServiceNow: https://bit.ly/acquiredsnMore Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLCLinks:Scott’s great new book,  The Messy Middle, out today!

2 Loka 20181h 17min

Season 3, Episode 5: Alibaba

Season 3, Episode 5: Alibaba

We continue our China Tech series with perhaps the most incredible entrepreneurial journey in history: Alibaba and its indefatigable founder, Jack Ma. How did an unknown 30 year-old English teacher from a second tier Chinese city build the world’s 7th largest company by market cap (and the largest in China) in just 20 short years? This is one story you don’t want to miss.Sponsors:Rippling: https://bit.ly/acquiredripplingStatsig: https://bit.ly/acquiredstatsig25Odd Lots: https://bit.ly/acquiredoddlotsServiceNow: https://bit.ly/acquiredsnMore Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLCLinks: Alibaba: The House that Jack Ma BuiltJack Ma’s famous speech in the Hangzhou apartmentJack Ma on not competing with AmazonCarve Outs:Ben: Mike Maples on the Origins podcastDavid:  Romance of the Three Kingdoms

24 Syys 20181h 40min

Season 3, Episode 4: Recode (with Kara Swisher)

Season 3, Episode 4: Recode (with Kara Swisher)

In this special episode Ben & David head to Recode’s SF office and sit down in the red chair with the one & only Kara Swisher! Kara tells the story of Recode, from the beginnings of her partnership with Walt Mossberg in the late 90’s at WSJ to the launch of the D Conference and the All Things D blog, to starting Recode and ultimately being acquired by Vox Media in 2015. Kara is someone we’ve long looked up to at Acquired, and it was really special to have her join us on the show. We hope you enjoy the conversation as much as we did!Sponsors:Rippling: https://bit.ly/acquiredripplingStatsig: https://bit.ly/acquiredstatsig25Odd Lots: https://bit.ly/acquiredoddlotsServiceNow: https://bit.ly/acquiredsnMore Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLCLinks: Kara interviewing Stewart Butterfield, CEO of… Glitch?

11 Syys 20181h 29min

Season 3, Episode 3: The Sonos IPO

Season 3, Episode 3: The Sonos IPO

Ben and David are (almost) live on the scene covering the plucky Southern California “camera company”… uh wait, wrong episode… we mean *speaker* company’s IPO! Continuing the long Acquired tradition of analyzing companies at the intersection of music, tech and business, we discuss the past, present and future of Sonos in world where speakers actually now… speak!Sponsors:Rippling: https://bit.ly/acquiredripplingStatsig: https://bit.ly/acquiredstatsig25Odd Lots: https://bit.ly/acquiredoddlotsServiceNow: https://bit.ly/acquiredsnMore Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLCLinks:Sonos own corporate historyCarve Outs:Ben: Andy Rachleff on the Invest like the Best podcastDavid:  Brotopia by Emily Chang

20 Elo 20181h 40min

Season 3, Episode 2: The Xiaomi IPO

Season 3, Episode 2: The Xiaomi IPO

Acquired kicks off our China tech mini-series by teaming up with the best in the business: Hans and Zara from GGV’s 996 Podcast! Together we cover the largest technology IPO in the world since fellow China tech giant Alibaba in 2014: Xiaomi, where Hans has been an investor and board member from the very beginning. This episode is chock full of history and insight on both Xiaomi and what’s happening in China tech more broadly, and why we all should be paying attention. No matter where you live, this is definitely not one to miss!Sponsors:Rippling: https://bit.ly/acquiredripplingStatsig: https://bit.ly/acquiredstatsig25Odd Lots: https://bit.ly/acquiredoddlotsServiceNow: https://bit.ly/acquiredsnMore Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLC

6 Elo 20181h 19min

Season 3, Episode 1: Tesla

Season 3, Episode 1: Tesla

Acquired kicks off Season 3 with a gangbuster two-hour extravaganza on America’s most successful automotive startup since The Ford Motor Company: Tesla. We cover everything, from founding to its 2010 IPO to all that’s happened since, including the question on the minds of superhero fans everywhere: who came first, Elon Musk or Tony Stark? (Spoiler: Elon)Sponsors:Rippling: https://bit.ly/acquiredripplingStatsig: https://bit.ly/acquiredstatsig25Odd Lots: https://bit.ly/acquiredoddlotsServiceNow: https://bit.ly/acquiredsnMore Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLCCarve Outs:Ben: The Dissect podcastDavid: Harry Potter and the Sacred Text podcast

17 Heinä 20182h 5min

Season 2, Episode 10: The Rover-DogVacay Merger (with Rover CEO Aaron Easterly)

Season 2, Episode 10: The Rover-DogVacay Merger (with Rover CEO Aaron Easterly)

Acquired wraps up Season 2 with our first “elusive” private-private merger: Rover.com and its 2017 combination with rival pet care marketplace DogVacay. We’re joined by Rover CEO Aaron Easterly to dive into the full history of how the crazy idea of “Airbnb for dogs” not only became a billion-dollar company, but also brought our heroes together for the first time and led to the founding of Acquired!Sponsors:Rippling: https://bit.ly/acquiredripplingStatsig: https://bit.ly/acquiredstatsig25Odd Lots: https://bit.ly/acquiredoddlotsServiceNow: https://bit.ly/acquiredsnMore Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLCLinks: The original Rover pitch from Startup Weekend

18 Kesä 20181h 13min

Season 2, Episode 9: GitHub

Season 2, Episode 9: GitHub

We’re live on the scene the day following the biggest announcement in the open source software world since well, open source software: Microsoft acquiring GitHub for $7.5B in stock. How did we get here? What does it mean for software developers going forward? And most importantly, why is there a creepy half-cat / half-octopus plastered all over everything? As always, Acquired has the answers.Sponsors:Rippling: https://bit.ly/acquiredripplingStatsig: https://bit.ly/acquiredstatsig25Odd Lots: https://bit.ly/acquiredoddlotsServiceNow: https://bit.ly/acquiredsnMore Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLCCarve Outs:Ben: The Idea Maze by Chris DixonDavid: Invisible Asymptotes by Eugene Wei

6 Kesä 20181h 30min

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